The toluene diisocyanate market size has the potential to grow by 620.01 thousand MT during 2020-2024, and the market’s growth momentum will accelerate during the forecast period.
This report provides a detailed analysis of the market by end-user (wood and furniture, CASE, automotive, and diverse industries) and geography (APAC, Europe, MEA, North America, and South America). Also, the report analyzes the market’s competitive landscape and offers information on several market vendors, including BASF SE, Covestro AG, Dow Inc., Gujarat Narmada Valley Fertilizers & Chemicals Ltd., Hanwha Group, Huntsman Corp., Kumho Mitsui Chemicals, Tosoh Corp., Vencorex, and Wanhua Chemical Group Co. Ltd.
What will the Toluene Diisocyanate Market Size be in 2020?
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Who are the Major Toluene Diisocyanate Vendors?
The TDI market is fragmented. The threat of rivalry in the global toluene diisocyanate market is intense as leading players hold majority market shares and have a significant global presence. Moreover, leading manufacturers focus on capturing the untapped markets and increasing production capacity. BASF SE, Covestro AG, and Dow Inc. are some of the major market participants. Although the growing demand for polyurethane from the automotive industry will offer immense growth opportunities, the issues associated with transportation and storage of TDI will challenge the growth of the market participants. To make the most of the opportunities, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.
To help clients improve their market position, this toluene diisocyanate market forecast report provides a detailed analysis of the market leaders and offers information on the competencies and capacities of these companies. The report also covers details on the market’s competitive landscape and offers information on the products offered by various companies. Moreover, this toluene diisocyanate market analysis report also provides information on the upcoming trends and challenges that will influence market growth. This will help companies create strategies to make the most of future growth opportunities.
This report provides information on the production, sustainability, and prospects of several leading companies, including:
- BASF SE
- Covestro AG
- Dow Inc.
- Gujarat Narmada Valley Fertilizers & Chemicals Ltd.
- Hanwha Group
- Huntsman Corp.
- Kumho Mitsui Chemicals
- Tosoh Corp.
- Vencorex
- Wanhua Chemical Group Co. Ltd.
Which are the Key Markets for Toluene Diisocyanate?
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APAC was the largest toluene diisocyanate market in 2019, and the region will offer several growth opportunities to market vendors during the forecast period. The expansion of the construction and automotive industries will significantly drive TDI market growth in this region over the forecast period.
58% of the market’s growth will originate from APAC during the forecast period. China and Japan are the key markets for toluene diisocyanate in APAC. Market growth in this region will be faster than the growth of the market in other regions.
What are the Major End-user Segments in the Toluene Diisocyanate Market?
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TDI is extensively used in furniture, bedding, and mattresses and as an intermediate raw material in the production of flexible polyurethane foam, which is used in various applications, including carpet and underlay. The demand for flexible polyurethane foam is anticipated to grow the fastest led by its increasing use as a cushioning material in furniture. TDI is also used in wood finishes as it is highly corrosion-resistant. TDI is the most important and largely used isocyanate in the manufacture of flexible polyurethane foam. This report provides an accurate prediction of the contribution of all the segments to the growth of the toluene diisocyanate market size.
How will Demand for Polyurethane from the Automotive Industry Influence Toluene Diisocyanate Market Growth?
The growing demand for polyurethane from the automotive industry is one of the critical reasons that will drive the toluene diisocyanate market. Numerous polyurethane products are used in the automotive sector for manufacturing flexible foam, rigid foam, adhesives, sealants, and coatings. This results in an increased demand for TDI as it is used as an intermediate raw material to produce polyurethane products. Polyurethanes are also used in making suspension components, tire covers, door coverings, roof linings, bumpers, seats, bed liners, and instrument panels. With the growing sales volume of passenger and light commercial vehicles, the demand for polyurethane adhesives to bond materials such as carbon fiber, aluminum, composites, and steel is also increasing.
Many companies are doubling the production capacity of TDI crystallization unit. The expansion in the production capacity is fueling the supply and consumption of TDI in various end-user applications such as elastomers and adhesives and sealants. This will drive the toluene diisocyanate market to grow at a CAGR of almost 5% during the forecast period. Also, manufacturers are developing new products due to the growing demand for TDI from various industries such as consumer goods, footwear, automotive, textiles, food, and construction. This will boost the production rate of various components used in these industries.
What are the Key Factors Covered in this Toluene Diisocyanate Market Report?
- CAGR of the market during the forecast period 2020-2024
- Detailed information on factors that will drive toluene diisocyanate market growth during the next five years
- Precise estimation of the TDI market size and its contribution to the parent market
- Accurate predictions on upcoming trends and changes in consumer behavior
- The growth of the toluene diisocyanate industry across APAC, Europe, MEA, North America, and South America
- A thorough analysis of the market’s competitive landscape and detailed information on vendors
- Comprehensive details of factors that will challenge the growth of toluene diisocyanate market vendors
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